Idemitsu Australia, through its subsidiary Idemitsu Lindfield Pty Ltd, has made a further strategic investment in Critical Minerals Group (ASX: CMG) in its latest capital raise to develop the flagship vanadium Lindfield Project,
Maintaining its equity share and remaining the company’s largest shareholder, Idemitsu’s strategic partnership with CMG continues its global strategy to diversify the portfolio and invest in renewable and clean energy projects.
Idemitsu Australia Chief Executive Officer, Steve Kovac, said the company is proud of the partnership and its continued major investment in Critical Minerals Group and its world-class resources.
“Idemitsu Australia continues its commitment to Critical Minerals Group with another strategic investment, as they bring critical minerals to market which are essential to delivering cleaner and more sustainable energy for a more advanced renewable future. Our sustained investment supports CMG’s continued exploration and development of a vanadium mine and downstream processing, to deliver critical battery minerals necessary to meet the growing demand for the future,” he said.
CMG’s Lindfield Project covers a 295km² tenement in a well-known vanadium province in North West Queensland, near Julia Creek. As a leading Australian vanadium project, the Lindfield Project has an inferred JORC resource of 363 million tonnes grading 0.43 percent V205 that starts at surface down to around 35m depth.